President Obama Thinks Your IRA Is Too Big

SPECIAL REPORT: RETIREMENT The White House budget proposes limiting contributions to tax-deferred retirement accounts for the wealthy. The complexities are head-spinning.

When President Barack Obama released his fiscal 2014 budget in April, it included a proposal to set a cap on tax-advantaged retirement savings for wealthy individuals. In the scheme of the larger budget, let alone the partisan rancor sure to engulf any negotiations, it was small potatoes. But consternation -- then uproar and outrage -- followed. The failure of Americans generally to save enough for retirement is well documented, and needs no repeating. But even those people lucky enough to have built up seven-figure nest eggs are feeling squeezed by the trifecta of low interest rates, volatile markets, and increased...